Bannerman pulls trigger on $353M uranium mine
Construction on the Etango uranium project in Namibia approved, with funding secured without project debt and first production targeted for 2028.
Bannerman Energy and its Chinese partner CNNC Overseas have greenlit the construction of the Etango uranium project in Namibia, with financial backing secured without project debt. The $353 million development is anticipated to commence production in 2028 and generate an average of 3.5 million lb. of uranium oxide annually. Approximately $64 million has already been expended on preliminary works, leaving around $289 million in pre-production expenditures.
This approval marks the transition from studies and preparatory work to full-scale construction of the Etango uranium mine. The joint venture, led by Bannerman Energy (55%) and CNNC Overseas (45%), holds 95% ownership of Etango. The venture's cash reserves, valued at about $295 million as of September 30, are sufficient to cover remaining pre-production costs.
The Etango project will employ an open pit and heap-leach operation, processing 8 million tonnes annually. Namibia issued the mining license in December 2023, and environmental clearances have been granted for the proposed mine and supporting infrastructure.
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